If you don’t know about the role a mortgage broker can play in the process of getting you a mortgage, you could be leaving thousands of dollars on the table. While a bank can provide you with the select products they offer, a Coquitlam Mortgage Broker can provide you with more choice. This is because they have access to hundreds of different mortgage products available on the market.
Here are five reasons why you should enlist the help of a Coquitlam Mortgage Broker:
As mentioned above, mortgage brokers have access to many different rates and lenders. These rates may not be advertised widely, but are significantly lower than those advertised by the large banks or credit unions.
Many lenders’ rates and mortgages can only be accessed through a mortgage broker. Choosing to get a mortgage through a bank can mean choosing harsher prepayment penalties for breaking your mortgage as well as a higher interest rate.
As mortgage brokers have access to more lenders, they’re able to find a lender and design a mortgage that is suited to your unique needs. Ultimately, our goal is to create a mortgage that will work for you. You will have peace of mind knowing that you’re getting the best mortgage.
Mortgage brokers are completely independent – our job is to work with you and for you. We operate on commission and are paid by the lenders who grant you your mortgage. As mortgage brokers depend on referrals, it’s in their best interest to serve you the best they can.
Do you usually have difficulty setting aside time to go into your bank branch (especially during bank hours)? A Coquitlam mortgage broker can come to you and discuss all of the mortgage options available. You can take as long as you need to ask questions and you have the opportunity to develop a real relationship with your broker.
As with any service, you should always do your due diligence in order to find the right Coquitlam Mortgage Broker for you. Get recommendations from friends and family, look at online reviews, and don’t be afraid to ask a borrower for references.
Milka started working in the banking world in 1994. She became an independent mortgage broker in 2006 and opened her own successful and locally recognized brokerage in 2009. She has been a resident of Port Coquitlam for the past 22 years with her husband, 3 children, and dog, Sparky
Whether you are purchasing your first home, refinancing, renewing, switching lenders or purchasing a revenue/vacation property, a Coquitlam Mortgage Broker can provide you with professional unbiased advice.
Milka Lukacevic and the TMK Team is a member of The Mortgage Centre – one of Canada’s most established mortgage broker networks.
If you are shopping for a mortgage, you have the option to go directly to a bank or enlist the help of a professional Port Moody mortgage broker. But, which should you choose? While a bank can provide you with the select products offered by its institution, a mortgage broker can provide more choice – with access to hundreds of mortgage products available on the market.
Here are some advantages of using a Port Moody Mortgage Broker:
When you work with a Port Moody Mortgage Broker, we will discuss and compare mortgage rates, design a mortgage that is suited to your unique needs, and ultimately, create a mortgage that will work for you. Our job is to make you feel comfortable throughout the entire process. You will have peace of mind knowing that you’re getting the very best mortgage option.
Our clients can expect to receive the best rates with fast, friendly, professional service and a mortgage package that is tailored to your unique needs. We are completely independent – our job is to work with you and for you to find the best mortgage products. Best of all, the services of a mortgage broker are free!
Milka started working in the banking world in 1994. She became an independent mortgage broker in 2006 and opened her own successful and locally recognized brokerage in 2009. She has been a resident of Port Coquitlam for the past 22 years with her husband, 3 children and dog, Sparky.
Whether you are purchasing your first home, refinancing, renewing, switching lenders or purchasing a revenue/vacation property, a Port Moody Mortgage Broker can provide you with professional unbiased advice.
Milka Lukacevic and the TMK Team is a member of The Mortgage Centre – one of Canada’s most established mortgage broker networks.
The mortgage renewal process from your Trusted Mortgage Knowledge Professional
The mortgage renewal process is something that everyone with a mortgage needs to be fully aware of. If you have a mortgage agreement, then you are required to receive a renewal statement from your lender at least 21 days before the end of your current mortgage term.
Did you know that many people simply sign on the dotted line, without shopping around for a better rate? A Manulife survey found that almost two out of three Canadians surveyed stayed with their current provider and didn’t even try to negotiate.
I understand that people are busy; however, it is important to understand how much a percentage point can affect the total amount you pay over the lifetime of your term. Just a few tenths of a percentage point could mean thousands of dollars less in your pocket.
If you are renewing your mortgage, here are a few things to keep in mind before you sign the renewal document.
It is never a good idea to wait until you receive the renewal notice from your lender to begin shopping around for a better rate. The banks send these notices so close to the renewal date to deter people from shopping around. However, being proactive can help you to save a significant amount of money. I recommend beginning to shop around four months prior to your renewal.
Always think of the posted rate as the opening offer in a negotiation. Banks often use the posted rate to provide a value proposition to their clients. It is a better idea to shop around. If you only get rates from one financial institution, you may be paying a premium compared to other available rates in the market. A trusted mortgage knowledge professional will be able to help you negotiate with your current lender. It is important to do some legwork with a mortgage broker to ensure that you are getting access to the lowest interest rate possible.
A broker is an independent licensed mortgage specialist who negotiates with a variety of lenders to get their clients the best possible rate. Mortgage brokers can offer a better rate than the bank due to their access to multiple lenders. A Bank of Canada survey found that using a mortgage broker resulted in many Canadian’s getting a lower rate than what was offered by their bank.
As with any agreement, always read the small print before you sign. Make sure the mortgage product you choose offers other options such as the ability to pay extra on your mortgage and clearly defines any penalties, should you decide to break your mortgage agreement early.
If you don’t take the time to be proactive, then your mortgage will be automatically renewed after the 21-day period passes.
If you have any questions or if you want to begin shopping around well before your renewal notice arrives, get in contact with your local Port Coquitlam Trusted Mortgage Knowledge Professional, Milka Lukacevic of the TMK team.
The benefits of your own personal mortgage consultant from your Trusted Mortgage Knowledge Professional
So, you’re thinking about buying a home. Should you get your mortgage through a local Port Coquitlam mortgage broker or your bank? In the past, it used to be that if you wanted to do something substantial, like buy a home, your best course of action was to turn to your bank. While this remains an option, banks are no longer the sole option available to Canadians. A local, trusted mortgage broker may be a better choice when it comes to buying that new home.
A mortgage broker is an independent licensed mortgage specialist. When using a mortgage broker, essentially, you are hiring someone to act on your behalf. It is important to remember that mortgage brokers are not actual lenders themselves. Rather, they work with a variety of lenders and mortgage rates.
One of the main benefits of using a mortgage broker is that they have access to, and knowledge of the entire mortgage market. They understand the market, follow the trends, and know which institutions offer which mortgage products. Mortgage brokers can also access exclusive deals that are not available to the open market and can negotiate a better interest rate or lower application fees from the lender.
Mortgage brokers will assist you in the application process, from pre-approval to home appraisal. Most importantly, they can save you time. An experienced broker can identify the most appropriate lender for your specific circumstances and they will know which mortgage will be the most appropriate. To help further relieve your stress, they also handle the hassle of paperwork and interaction and negotiation with lenders.
Advantages of using a mortgage broker:
When you set up a meeting with one of Canada’s major banks for a mortgage, they will usually have you sit down with a loan officer. One of the main disadvantages of using your bank is that they can only access their own rates and products, even if there are better rates available in the market. As a result, you will always receive a higher interest rate from your bank.
For most of us, our mortgage will be the biggest financial decision we ever make. Working with a trusted Port Coquitlam mortgage broker is highly recommended.
It is important to understand how much a percentage point here and there can affect the total amount you pay over the lifetime of your mortgage. Just a few tenths of a percentage point could mean thousands of dollars less in your pocket. Understanding how to save yourself a percentage point could mean additional family trips, a maxed our RESP for your children or speeding up that retirement date by a couple of years.
The way we see it, the banks just can’t beat what we have to offer! If you want to experience the difference of a mortgage broker, set up a meeting with your local Port Coquitlam Trusted Mortgage Knowledge Professional, Milka Lukacevic of the TMK Team.
Mortgage Tips from your Trusted Mortgage Knowledge Professional
Paying down your mortgage faster is one of those suggestions that financial advisors love to make to their clients. And while many Canadian’s dream about the financial freedom of being completely debt-free, most are unaware of the simple strategies they can utilize to shed years off their mortgage.
In this blog post, I will highlight four strategies you can implement into your life to help pay down your mortgage faster.
Are you currently making monthly payments 12 times per year? Instead, try speeding up the process with an accelerated bi-weekly payment plan. With this plan, you end up paying 26 bi-weekly payments per year. So in effect, you are paying the equivalent of 13 payments per year. Prior to setting up accelerated bi-weekly payments, confirm that there are no pre-payment penalties.
A pain-free way to help your debt disappear faster is to round up your payments. For example, if your accelerated bi-weekly payments are $848, consider rounding the payment up to $900. The additional $52 will make a significant difference over time, and chances are, you will barely notice a difference in your monthly budget.
Most closed mortgages will allow borrowers to make an extra payment each year. This additional payment can be 10%, 15% or 20% of the original principal in each calendar year, without penalty.
So you’ve purchased a house, have a mortgage and have begun making monthly payments. At this stage, it can be easy to fall into a routine as the payments come out of your accounts automatically. Don’t fall into this routine. As a homeowner, you need to stay up-to-date with interest rate changes and the new options available to you.
While paying off your debt early will result in less interest paid over the lifetime of your loan, it is not always the best option for every homeowner. If you fall into one of these three categories, then the interest you would save on your mortgage would not be as beneficial to you as addressing your other financial issues first.
It is very easy to virtually play around with the various payment scenarios available to you. Most financial institutions, banks, and brokers have online mortgage calculators. If you are using an online calculator, make sure it is from a Canadian source. American mortgage calculators are calculated differently and will provide you with inaccurate information.
Armed with this information, I hope these tips will help you pay off your debt sooner. If you have any questions, feel free to contact your local Port Coquitlam Trusted Mortgage Knowledge Professional, Milka Lukacevic of The TMK Team.
Refinancing your mortgage to pay off high consumer debt from your Trusted Mortgage Knowledge Professional
Debt is a major problem for many Canadian households – especially for those who have credit card debt in addition to mortgages, auto loans, and student loans. Are you drowning in credit card debt and sitting on equity in your home? If so, have you considered refinancing your mortgage?
There are steps you can take to lower your high consumer debt. For homeowners, one of them is to refinance your mortgage to help pay off your high consumer debt. Refinancing your mortgage can be beneficial for your financial future. That being said, deciding whether it makes sense to refinance your mortgage will depend on your individual situation.
Before refinancing a mortgage, consider the following:
You’ve probably noticed how low mortgage rates have been in the past few years. This is great for homeowners who want to lower their monthly mortgage payment by refinancing to a lower rate. But it can also help you reduce and eliminate high-interest credit card debt.
Almost 10 percentage points separate the average 30-year mortgage rate from the average credit card interest rate. This is because credit card debt is perceived as riskier than mortgage debt, thus, credit card companies charge interest accordingly.
There are many factors to consider when thinking about refinancing a mortgage to pay off high consumer debt. When it is done correctly, a refinance can save you money on long-term interest. If you are considering your options, talk with a Trusted Mortgage Knowledge Professional today – contact your local Port Coquitlam Mortgage Broker Milka Lukacevic of The Mortgage Centre TMK Team.
Tips for keeping your credit in check from your Trusted Mortgage Knowledge Professional
As the Christmas-spending bills are starting to roll in, are you wondering to yourself how you can keep your credit in check in 2017?
Whether you’re looking for a job, buying a new car or shopping for insurance, it’s always a good idea to review your credit report and ensure everything is in order. Whether the information in your report is accurate or not, any negative information can cost you – in the form of interest rates on loans. When it comes to your mortgage, this could end up costing you thousands. So, what should you do to keep your credit in check?
While your daily purchases may appear small and insignificant, they can add up over the course of a month. It is important to keep track of everything, including:
Review your monthly statements and report any discrepancies immediately.
Limit – Outstanding Balance = Available Credit
It is best to keep your balance contained within 30% of your limit, in order to maintain a good credit score. Charging more than 30% is potentially negative, even if you plan on paying off the balance when your statement comes. Why? Credit card issuers report the balance of the account when the statement closes. If the balance is high, your score will be affected, even if you pay your balance in full.
It is also a good idea to follow the 20/10 rule. By following this rule, you ensure that your debt never exceeds more than 20% of your total yearly income after taxes. Also, each month you should not have more than 10% of your monthly paycheques going towards credit payments.
It is a good idea to keep a 15% cushion of credit available in case of an emergency, such as a loss of income or an unexpected expense. That way, you do not have to borrow more than you’re comfortable repaying.
If nothing else, pay your minimum monthly payment on time every month. By paying more than your minimum, or better yet the full balance owed each month, you will reduce the hefty interest charges associated with late payments.
DO NOT skip any payments.
Making timely payments is the best way to establish yourself as a good credit risk to lenders. While certain bills do not get reported when you pay on time, they could end up on your credit report if you fall behind.
If your debt is getting out of hand and your numerous high monthly payments are making it difficult to meet all of your obligations, contact your local Tri-Cities Mortgage Broker, Milka Lukacevic of the Mortgage Centre TMK team.
In October 2016, Canadian Federal Finance Minister Bill Morneau announced new mortgage rules. First-time home buyers with mortgages insured by the Canada Mortgage and Housing Corporation will now be undergoing a more severe “stress test”. Beginning October 17, Canadian banks will test the ability of a buyer to repay a loan against a higher five-year rate. Morneau said that the new measures are aimed at reducing high household debt. It will also ensure middle-class families purchase homes that they can afford if interest rates fluctuate in the coming years.
Prior to this announcement, those with less than a 20 percent down payment were required to pass a “stress test” and have insurance backed by the federal government through the CMHC. Those who were able to put down more than 20 percent who were seeking an insured mortgage through a private insurer were not subjected to the “stress test”.
While this information may cut your purchasing power and put a squeeze on many home buyers – don’t give up hope!
On December 15, Christy Clark and the BC Government announced a new provincially backed loan program called the BC Home Owner Mortgage and Equity (HOME) Partnership. The BC Government has recognized that for many British Columbians, saving for a down payment is the hardest part of buying a first home. “Not everyone has a parent they can borrow money from to get into the housing marketing, and some need the government’s help,” Clark said. This program will provide first-time home buyers with a loan that is interest-free and payment-free for the first five years. These loans are available for condo, townhouse and detached home purchases. This is very encouraging news for those who have been trying to enter into the real estate market, but have been unable to put together a large enough down payment.
To learn more about the BC Home Owner Mortgage and Equity Partnership and how it can benefit you, contact your local Tri-Cities Mortgage Broker, Milka Lukacevic of the Mortgage Centre TMK team.
Port Coquitlam Mortgage Refinancing Secrets for an Underwater Mortgage
There are more mortgage holders underwater than you might realize. An underwater mortgage is essentially when the balance of the owed amount of the mortgage is actually higher then market value of the property. This is the circumstance that a number of mortgage holders are facing. Refinancing an underwater mortgage might be the best way to help you save and qualifying is not as impossible as you might expect.
Here are a few secrets for refinancing your mortgage:
Just because you did not meet the strict guidelines for refinancing your underwater mortgage in the past does not mean that you won’t qualify now. Many of the strict guidelines for refinancing your mortgage have been lowered. This means that qualifying is much easier now. Don’t be discouraged from applying simply because you were disqualified at one time in the past.
The best way to ensure that you can refinance your underwater mortgage is to do research. You need to become more informed about the different government programs that are available and what the terms mean. Lower interest rates are what matter most to you, so this is where you need to spend most of your time researching. You can even get access to helpful eligibility calculators online that can assist you when deciding if you can qualify for refinancing your underwater mortgage.
Remember That Not All Lenders Are Created Equal
One secret that you can’t afford to forget involves that different lenders have different guidelines that applicants have to meet. Some lenders have more strict guidelines by nature and other lenders are looser with qualification guidelines.
Don’t Just Accept a Denial
Even if you get turned down by one lender, you should not just give of hope of refinancing your underwater mortgage altogether. You need to keep looking for the right mortgage broker that can help you refinance your mortgage. If you have an underwater mortgage chancers are the refinancing process will not be easy, but you should be able to find a lender that will eventually qualify you.
If you do the research and look for a qualified mortgage broker that is dedicated to helping you refinance your underwater mortgage, you should be able to save money and start to reduce the amount of debt that you currently face. An underwater mortgage can weigh heavily on your mind, but refinancing it and lowering your interest rate is possible.
Is debt consolidation truly an option for helping you to become absolutely debt free? It is entirely possible. Consolidation is essentially the process of elimination through combination. This debt solution has worked for many Canadians. It could certainly work for you.
Before you make the leap, however, you will want to understand exactly what debt consolidation involves. You will also want to learn more about what the process will demand of you.
Can Debt Consolidation Help Me Become Debt Free?
Many Canadians struggle to keep up with their debt payments. To some, the process is akin to having a teaspoon to save a boat from sinking. Meaning that no matter what you do, the water seems to remain at the same level, and the boat is continuing to sink. Does this metaphor sound like something that matches up your current financial headaches?
This is where the idea of debt consolidation becomes intriguing. For all your Port Coquitlam Mortgage Broker needs choose a trusted broker, one that will help you get to more manageable debt payments that will actually lead you down the path to becoming debt free. Living expenses, high-interest credit cards, relying on credit/bank overdrafts, an inability to refinance your mortgage, or an abundance of payday loans are all reasons as to why you may need to take consolidation seriously.
Consolidating your debts is more or less designed to simplify things to the greatest possible degree. There are several ways in which you can accomplish this. A debt consolidation loan will often have terms specific to the concept of debt consolidation, and it will give you the money you need to pay off your various debts. However, if your credit rating is in less-than-perfect shape, you may have some difficulty in getting one of these loans. Not to worry, as there are other debt consolidation options readily available to you.
These additional consolidation options include seeking out debt management programs, filing a consumer proposal through a bankruptcy trustee, or talking to your creditors about debt settlement. With the last option, you are essentially making an offer to your creditors to pay back a portion of your debts as a lump sum, with the rest of the debts being written off as something you simply cannot afford to pay. A consumer proposal through a bankruptcy trustee is a possibility, but being approved for such a thing is going to depend on the nature of your debts. Debt management programs exist throughout Canada, and allow Canadians to consolidate their debts without actually borrowing additional money. This is because you will work with creditors to come up with a payment schedule that suits your budget.
Simply put, when it comes to debt consolidation, there is no question that you have options.
Is Debt Consolidation Right For You? << (Click here to find out more)
In the end, consolidation is an overall concept that is worth taking the time to explore. If you are truly overwhelmed by debt, and you see no way out through natural methods, the options available through consolidation can serve to finally give you the essential breathing room that you have been looking for.